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Eng
Overview
Parkson Credit offers the , a free financial protection plan for customers who finance their motorcycles through our . This unique benefit eases the financial burden in the event of motorcycle theft and provides financial assistance for your next motorcycle purchase.
The Theft Loss Gap Benefit helps cover the by the customer’s comprehensive all-rider motor insurance policy and the approved sum. This benefit is available for theyear of financing, ensuring you stay protected beyond the initial year.
How Does the Theft Loss Gap Benefit Work?
In the unfortunate event that your motorcycle is lost to theft, the Theft Loss Gap Benefit kicks in. Here’s a breakdown of how the payout works:
Year 1
The insurance payout is based on the first-year sum insured and approved by the customer’s insurance company.
Year 2 & Year 3
The Theft Loss Gap Benefit will cover the difference between what is paid by the insurance and what was insured for, according to the terms.
The image below visually illustrates the process:
This chart will show how the compensates for the difference between the approved sum by the customer's insurance policy and the comprehensive all-rider motor insurance payout over the 2nd and 3rd years.
Example Calculation of Theft Loss Gap Benefit:
Let’s look at an example to clarify how the benefit is calculated:
In this example, if the motorcycle is lost to theft in the 2nd or 3rd year, the will pay out in the second year and in the third year to cover the shortfall.
Free Coverage
The Theft Loss Gap Benefit is provided free of charge to all customers who finance motorcycles through iDEAL HP.
No Hidden Fees
There are no hidden costs, additional charges, or extra premiums to access this benefit.
Extended Protection
The benefit applies to motorcycles financed within the 2nd and 3rd years of the financing plan.
High Maximum Pay-Out
Benefit payouts go up to RM1,000 in the 3rd year, with no capping in the 2nd year.
